In 2019 and 2020, the corporate bond market recorded just two issuances overall. By 2025, that number had grown to 23 — with annual volume reaching UZS 2.17 trillion.

What was once a quiet corner of the capital markets is now a genuine, fast-growing ecosystem.

Our 2025 Bond Market Overview highlights the key dynamics:

🔸 26 corporate issuers have tapped the market since 2019
🔸 Total issuance: UZS 3,31 trillion
🔸 Coupon rates range from 8% to 29% — reflecting real diversity in issuer profiles
🔸 Investor appetite remains strong, driven by yields that outpace bank deposits

For businesses in Uzbekistan, bonds are no longer a theoretical alternative to bank financing. They're a proven tool — and the market is maturing fast.

Interested in issuing bonds to raise capital for your business? We would be pleased to discuss.